Global headwinds continue to dent revenue

11 Mar 2024
5 Min read 
  • UPL reported a weak quarter with a 28% YoY decline in revenue.
  •  The decline in revenue was primarily due to lower agrochemical prices and destocking by distributors.
  •  All regions, except RoW, witnessed a decline in sales.
  •  Gross debt and net debt increased compared to the previous year.
  •  FY25E/FY26E EPS estimates have been cut by 23%/11% due to the subdued performance.
  •  The company expects 4QFY24 to be weaker YoY but expects margin improvement QoQ.
  •  Near-term challenges in the global agrochemical industry include high inventory and declining prices.
  •  The stock has a neutral rating with a target price of INR530.
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